JPMorgan Chase & Co. is laying off hundreds of its employees who focus on mortgage lending, according to a new report from Bloomberg.
The layoffs will take place this week, the news outlet reported on Wednesday, June 22.
Hundreds of employees will also be reassigned to different divisions, Bloomberg reported.
Bloomberg said a spokesperson for the investment bank said the decision was due to "cyclical changes in the mortgage market," and the news outlet added that high mortgage rates have led to lower demand.
Read the full report from Bloomberg here.
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